Contributing writer and MSC agent Hannerle Moore published the following article in the July 3, 2009 edition of the Longboat Key News:
As good or as bad as it may be at any
given time, one simple truism always
defines the real estate market: It is what
it is. Not what it was. Ignore this very
basic axiom at your own risk.
What the market is as we pass the
midway point of 2009 is an uncommonly
robust buyers’ market. That means if your
goal is to sell your home within any sort
of reasonable time frame, buyers must
first detect real value when comparing
yours against similar properties.
Four and five years ago, exactly the
reverse was true. Sellers were in total
command of the market. Inventory was
low, demand was uncommonly high and
prices soared as a result. Sellers simply
had to price their homes in line with
recent sales and they would find buyers
within days, if not hours. Frequently they
would net more for the property than its
original list price when interest among
competing buyers erupted – as it so often
did – into bidding wars. Would-be buyers
As good or as bad as it may be at any given time, one simple truism always defines the real estate market: It is what it is. Not what it was. Ignore this very basic axiom at your own risk.
What the market is as we pass the midway point of 2009 is an uncommonly robust buyers’ market. That means if your goal is to sell your home within any sort of reasonable time frame, buyers must first detect real value when comparing yours against similar properties.
Four and five years ago, exactly the reverse was true. Sellers were in total command of the market. Inventory was low, demand was uncommonly high and prices soared as a result. Sellers simply had to price their homes in line with recent sales and they would find buyers within days, if not hours. Frequently they would net more for the property than its original list price when interest among competing buyers erupted – as it so often did – into bidding wars. Would-be buyers simply had no other choice than to yield to sellers; or stay on the sidelines. (More …)
Are you ready for the potential of the market resurging in 2010? If you have been in real estate long enough, you will remember what happened in the last two big turnarounds in the ’80s and ’90s; those who were positioned had multiple closings all at once. So what is a strategy that would position you for winning if the market surges back?
